As billionaire Steve Forbes stumps for Sen. Tim Bee today, the Congressional candidate needs to tell voters if he agrees with Forbes that the mortgage crisis is no big deal.

Last week, Forbes said losses from the subprime mortgage crisis would be relatively small. (http://www.packetonline.com/articles/2008/04/11/the_princeton_packet/news/)

"The size of the losses ... is something the economy can easily absorb," Mr. Forbes said. "Americans own nearly $30 trillion in net financial assets. The net financial assets are worth more than the rest of the world's put together."

"Steve Forbes and Tim Bee should try telling the families of the 8th Congressional District that our economy is easily absorbing this crisis," said Emily Bittner, spokeswoman for the Arizona Democratic Party. "Bee is bringing in a speaker whose ideas for solving our economic problems help the wealthy and hurt the middle class. Is that what Bee would do in Washington?"  

In the 8th Congressional District, families are confronting record high gas prices, rising food and health care costs and a shrinking job pool, the problem is serious.  (http://www.tucsoncitizen.com/daily/frontpage/82545.php

There were more than 4,000 foreclosure filings in Pima County last year and there may be that many or more this year. Local economists say county home values have fallen almost 20 percent from their 2005 high.

Experts expect the crisis will only worsen. (http://www.tucsoncitizen.com/ss/all_headlines/82715)

The nation's already alarming pace of home foreclosures is poised to accelerate through the rest of the year, according to RealtyTrac, which reported Tuesday that foreclosure filings jumped 57 percent in March from March 2007.

The report painted a grim picture of growing numbers of people unable to make their mortgage payments. Bank repossessions more than doubled in March. Foreclosure filings surged 57 percent last month from March 2007, with one in every 538 households receiving a foreclosure filing during the month, RealtyTrac said.

Three questions for Tim Bee:

• Do you agree that the mortgage crisis is not a big deal?

• Do you agree with Forbes that Social Security should be privatized?

• Do you agree with Forbes that the United States should have a flat tax system?

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